FuelCell Energy Inc. said today its fiscal first-quarter loss widened after heavy cash needs dampened profitability for the Danbury maker of powerplant equipment.
The company lost 30 cents a share in the three months ended Jan. 31, more than the $19.7 million, or 29 cents a share, lost in the same period a year earlier.
FuelCell reported a 45 percent increase in total revenues for the first fiscal quarter of 2009 to $21.7 million from $15 million in the same period last year.
FuelCell said its high cash use is expected to subside during the second quarter, as delayed first-quarter contract signings are completed.
Product sales backlog as of Jan. 31, including long-term service agreements, was $70.9 million compared to $84.7 million as of Jan. 31, 2008.
The company said it will benefit from a pending Connecticut Department of Public Utility Control final ruling on energy projects for Bloomfield, Bridgeport, Danbury, Glastonbury and Trumbull valued at an estimated $84 million.
In addition, the manufacturer said its stationary fuel cells are eligible for funding and tax credits under the federal stimulus package that directs more than $30 billion dollars for energy initiatives and another $20 billion in tax incentives for renewable energy and energy efficiency over the next 10 years.
At 11 a.m., FuelCell traded at $2.48, up 27 cents, or 12.2 percent.
